We've setup hotlinking for images under 1MB. We are rolling it out as a beta and it is free for all (requires registering a free My Megashares account).
If your image is hotlink-able, you will see a new list item and text box labeled "Hotlink:". We look to expand the hotlink features with more template text boxes for ease of pasting into your web pages and communities.
Hotlinked images currently fall under the same file retention policy (meaning impressions do not count as user downloads from megashares.com).